POST-MARKET SUMMARY 27th February 2024
On February 27, the Indian benchmark indices rebounded significantly from recent losses to finish in positive territory, with the Nifty hovering around 22,200. Top Gainer: TATAMOTORS | Top Loser: HEROMOTOCO
On February 27, the Indian benchmark indices rebounded significantly from recent losses to finish in positive territory, with the Nifty hovering around 22,200. This uptick was driven by increased buying activity observed in the auto, capital goods, IT, and realty sectors. Despite a tepid or slightly negative start, the market gradually gained momentum throughout the day, ultimately closing near its peak levels. Notably, sectors such as Auto, Capital Goods, Information Technology, Pharma, and Realty witnessed gains of around 0.5-1%, while the Oil & Gas index experienced a decline of 1%.
NIFTY: The index opened 32 points lower at 22,090 and made a high of 22,218 before closing at 22,198. Nifty has formed a Bullish Engulfing candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,250 while immediate support is at 22,070.
BANK NIFTY: The index opened 96 points lower at 46,480 and closed at 46,588. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,000 while support is at 46,300.
Stocks in Spotlight
▪ CMS Info Systems: Stock fell 2.52% after 4.2 crore shares changed hands through a block deal.
▪ TVS Motors: Stock closed 1.46% lower after the company’s Singapore subsidiary VS Motor Pte acquired an additional 8,000 equity shares in Killwatt GmbH, a company based in Germany.
▪ MCX: Stock gained 1.35% after it signed a contract with Jakarta Futures Exchanges, the largest exchange in commodity and derivatives market in Indonesia.
Global News
▪ The Stoxx 600 index was down 0.17% at 1:40 p.m. in London, its second session in the red as it retreats from last week’s record high. Mining stocks gained 1.7% as media stocks tumbled 1.3%.
▪ The dollar struggled for direction on Tuesday ahead of key data that could provide further clues on the U.S. Federal Reserve’s policy path, while the yen rose after figures confirmed inflation was above the Bank of Japan’s (BOJ) target.
▪ Oil prices ticked up in early Asian trading on Monday, extending gains for the third straight day, as shipping disruptions spurred supply worries.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.